Chart of Account for Material Purchase
I am reaching out regarding the chart of accounts for purchasing materials in my metal fabrication business. We regularly purchase materials such as SQ Tube, REC Tube, metal sheets, flat bar, angles, pipes, round bars, etc., which are used in manufacturing customer customizable orders.
To efficiently track these transactions, I would appreciate your guidance on the appropriate chart of accounts to use for purchasing these materials. Specifically, I am looking for accounts that will help us accurately record and monitor our inventory levels, as well as track the cost of goods sold for these materials. The software is MYOB.
